BIFR COMPANY PURCHASE&CHEQUE BOUNCING
RAM DEO KAKRA
(Querist) 20 July 2008
This query is : Resolved
one person through court purchased bifr company and issued postdated cheques at the instruction ofearliar management of bifr co.cheques where issued on account of pressing creditors.further as per agreement earliar management aggred to clear earliar electricity dues and c.exise liability.earliar managment not complied,not paid aggreed liability,and buy the time and send the cheques in clearing which bounced as payment stopped by drawer. it appears on scruity that their was no liability of pressing creditor and earliar managment on wrong pretxet take the post dated cheques in the name of subsidary co.managed by earliar management.now 138 proceeding is going on.my querry is what will be the defence of drawer and is 138 procedig valid one. what is the remedy to drawer.pl.advice with case law.
R.S.Rajesh
(Expert) 21 July 2008
Section 138 is not attracted to the drawer, if the cheque issued is not in respect of any debt or liablity. It is clear from the section itself and there are number of deciscions.
RAM DEO KAKRA
(Querist) 22 July 2008
thanks,mr.rajesh,kindly givesome case law relates to bifr case,thanks once agan.
Manish Singh
(Expert) 22 July 2008
SEE if it is helpful for you.
Co. Appeal 44/2005
Decided On: 23.05.2008
Appellants: Krishna Texport Industries Ltd. Vs. Respondent: DCM Limited; Delhi HC
